IBBI Mandates Assignment Reporting by Insolvency Professionals Across All IBC Processes

On February 11, 2025, the Insolvency and Bankruptcy Board of India (IBBI) issued a circular requiring all registered Insolvency Professionals (IPs) to notify the Board of their appointments under the IBC. Previously, IPs updated their roles on the IBBI portal for positions like Interim Resolution Professionals (IRPs), Resolution Professionals (RPs), and Liquidators. The new mandate expands this role of intimating the board to the following: (i) Interim Resolution Professional (IRP) and (ii) Resolution Professional under CIRP, (iii) Liquidator under Liquidation and Voluntary Liquidation Processes, (iv) Resolution Professional under Insolvency Resolution for Personal Guarantors, (v) Bankruptcy Trustee under Bankruptcy Process for Personal Guarantors and (vi)Administrator under Insolvency and Liquidation Proceedings of Financial Service Providers.

The circular outlines specific timelines:

1. New Assignments: Within 3 days of appointment for cases starting February 11, 2025.
2. Ongoing Cases: By February 28, 2025, for all ongoing cases (i.e., cases initiated before the issuance of this circular).
3. Closed Cases: IPs must report closed cases not yet added by March 31, 2025, except for personal guarantor cases, which are due by April 30, 2025.